BIP 105 draft published

[WestDogg]

BIP-105 is a consensus-based block size retargeting algorithm proposed by btcdrak, based on Meni and Maxwell's ideas.

What is it BIP 105? It's a method of altering the maximum block size of the Bitcoin protocol via a consensus approach. It starts with an initial block size limit of 1MB and allows miners to vote to change the blocksize by 10 percent when a new block is created. The limit is then recalculated every 2016 blocks.

Introducing a cost to increase the block size ensures miners will collude to increase it when necessary and reduce when unnecessary. Large miners have to pay extra a difficulty target and can be downvoted at no cost by the objecting hash power.

Using difficulty as a penalty is better than a fixed cost because it is less predictable.

To prevent miners having complete control over blocksize, an upper limit is required at protocol level. This ensures full nodes retain control over consensus, remembering full nodes are the mechanism to keep miners honest.

Source: GitHub

 

[solex]

Unforunately, Meni is firmly against scaling Bitcoin anytime soon, and would rather see a permanent fork than a compromise. Greg Maxwell has lost credibility as anyone who can remotely come up with an unbiased solution. After seeing this proprosal I have read a lot of btcdrak's comments and they do not come across as constructive towards a scaling solution.

Although Pieter's BIP with its 17.7% annual increase and late starting date in Jan 2017 is woefully inadequate, even that is probably better than what BIP105 comes up with.